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Institutions, Equilibria and Efficiency

Essays in Honor of Birgit Grodal

  • Book
  • © 2006

Overview

Editors:
  1. Christian Schultz

    1. Department of Economics, University of Copenhagen, Copenhagen K, Denmark

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    You can also search for this editor in PubMed   Google Scholar

  2. Karl Vind
    View editor publications

    You can also search for this editor in PubMed   Google Scholar

Part of the book series: Studies in Economic Theory (ECON.THEORY, volume 25)

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Table of contents (20 chapters)

  1. Front Matter

    Pages I-XII
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  2. Birgit Grodal: A Friend to Her Friends

    • Andreu Mas-Colell
    Pages 1-7

  3. On the Definition of Differentiated Products in the Real World

    • Beth Allen
    Pages 9-26

  4. Equilibrium Pricing of Derivative Securities in Dynamically Incomplete Markets

    • Robert M. Anderson, Roberto C. Raimondo
    Pages 27-48

  5. Adaptive Contracting: The Trial-and-Error Approach to Outsourcing

    • Morten Bennedsen, Christian Schultz
    Pages 49-68

  6. Monetary Equilibria over an Infinite Horizon

    • Gaetano Bloise, Jacques H. Drèze, Herakles M. Polemarchakis
    Pages 69-93

  7. Do the Wealthy Risk More Money? An Experimental Comparison

    • Antoni Bosch-Domènech, Joaquim Silvestre
    Pages 95-116

  8. Are Incomplete Markets Able to Achieve Minimal Efficiency?

    • Egbert Dierker, Hildegard Dierker, Birgit Grodal
    Pages 117-129

  9. A Competitive Model of Economic Geography

    • Bryan Ellickson, William Zame
    Pages 131-147

  10. The Organization of Production, Consumption and Learning

    • Bryan Ellickson, Birgit Grodal, Suzanne Scotchmer, William R. Zame
    Pages 149-185

  11. Household Inefficiency and Equilibrium Efficiency

    • Hans Gersbach, Hans Haller
    Pages 187-209

  12. Equilibrium with Arbitrary Market Structure

    • Birgit Grodal, Karl Vind
    Pages 211-223

  13. Pareto Improving Price Regulation when the Asset Market is Incomplete

    • P. Jean-Jacques Herings, Herakles Polemarchakis
    Pages 225-244

  14. On Behavioral Heterogeneity

    • Werner Hildenbrand, Alois Kneip
    Pages 245-259

  15. Learning of Steady States in Nonlinear Models when Shocks Follow a Markov Chain

    • Seppo Honkapohja, Kaushik Mitra
    Pages 261-272

  16. The Evolution of Conventions under Incomplete Information

    • Mogens Jensen, Birgitte Sloth, Hans Jøgen Whitta-Jacobsen
    Pages 273-293

  17. Group Formation with Heterogeneous Feasible Sets

    • Michel Le Breton, Shlomo Weber
    Pages 295-315

  18. Monotone Risk Aversion

    • Lars Tyge Nielsen
    Pages 317-329

  19. Will Democracy Engender Equality?

    • John E. Roemer
    Pages 331-349

  20. Consumption Externalities, Rental Markets and Purchase Clubs

    • Suzanne Scotchmer
    Pages 351-369
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Keywords

About this book

Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.

Editors and Affiliations

  • Department of Economics, University of Copenhagen, Copenhagen K, Denmark

    Christian Schultz

Bibliographic Information

  • Book Title: Institutions, Equilibria and Efficiency

  • Book Subtitle: Essays in Honor of Birgit Grodal

  • Editors: Christian Schultz, Karl Vind

  • Series Title: Studies in Economic Theory

  • DOI: https://doi.org/10.1007/3-540-28161-4

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer-Verlag Berlin Heidelberg 2006

  • Hardcover ISBN: 978-3-540-28160-3Published: 13 February 2006

  • Softcover ISBN: 978-3-642-06637-5Published: 12 February 2010

  • eBook ISBN: 978-3-540-28161-0Published: 22 April 2006

  • Series ISSN: 1431-8849

  • Series E-ISSN: 2196-9930

  • Edition Number: 1

  • Number of Pages: XII, 384

  • Number of Illustrations: 21 b/w illustrations

  • Topics: Economic Theory/Quantitative Economics/Mathematical Methods, Econometrics

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